Many people in Kentucky and across the country shy away from considering their own mortality. However, making the time for estate planning usually brings peace of mind. Health issues, auto accidents and other occurrences typically come without warning. Being prepared for such events while still alive can make things much easier for loved ones.
Choosing an executor
One of the items high on the list when navigating estate planning is deciding who to choose as the executor. That person’s duties will include managing the asset distribution according to the deceased testator’s wishes. The assets could consist of non-retirement investments, vehicles, the home and other items of value.
Virtually any adult could be chosen as the executor. It could be a close friend, family member, child or any other responsible, trustworthy person. Some people choose to name their attorneys as executors. Of course, if the choice of executor is a non-professional person, it is a good idea to ensure they understand the duties and responsibilities of the executor.
Also, make sure the chosen executor is willing to play this role, which could take many months or even years before the estate is settled. Furthermore, it is best to introduce that person to the estate attorney, as they will likely work together, although it may take years or decades before that happens.
Estate planning also allows the testator to change the choice of executor if circumstances change. The nominated executor may relocate from Kentucky to another state or even another country. They might choose to decline being the executor or even die before the testator. A co-executor or an alternate executor may be added. Another critical step is to ensure all the heirs know the executor’s identity and are informed if the estate owner decides to change that designation.